Price controls and medicine

Discussion in 'Healthcare/Insurance/Govt Healthcare' started by Quantum Windbag, Aug 8, 2011.

  1. Quantum Windbag
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    Quantum Windbag Gold Member

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    What is wrong with progressives? The author takes about 800 words to describe the problem, recognizes that the inability of manufacturers to respond to spikes in demand by charging higher prices contributes to it, and then dismisses the best solution as being radical.

    http://www.nytimes.com/2011/08/07/opinion/sunday/ezekiel-emanuel-cancer-patients.html?_r=1
     
  2. waltky
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    waltky Wise ol' monkey Supporting Member

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    Novartis suit in India could affect generic drug availability and prices...
    :confused:
    Indian Case Could Impact Availability of Generic Drugs
    September 10, 2012
    NEW DELHI — India’s generic drug industry began to flourish in the 1970s when India disallowed the patenting of medicines, enabling domestic companies, which did not have to invest in research, to make copies of branded drugs at a far lower cost.

     
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  3. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    Somebody has to pay the price for the development and testing of new drugs and treatments for all the good new stuff AND the failures that led to the successes. Ain't cheap you know, who's gonna pick pick up that tab?
     
  4. Moonglow
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    Moonglow Diamond Member

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    Usually the US consumers.Or tax payers.
     
  5. uscitizen
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    uscitizen Senior Member

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    the US government and state universities as they often have in tha past to the profit of private industry.

    How much did private industry profit from the govt funded space program?

    Big pharma's advertising budget is often larger than it's research budget.
     
    Last edited: Sep 10, 2012
  6. atlasshrugged
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    atlasshrugged Member

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    My wife and I just found out she's pregnant. (We're super excited) However, she's been very nauseated and unable to keep anything down, so we had a prescription called in at 4:30 AM and I was able to pick it up. After insurance, it was $1.10 for a two week supply of Zofran. Without insurance, it would have been $40. I thought about how many hours have been spent on this drug (research, testing, publishing results, FDA approval and patenting, advertising, plus the time of the pharmacist who filled the prescription) and I came to one conclusion.

    Isn't it great that when my wife is in danger of dehydration that we can get relief for $3 a day without worrying too much about it harming my wife and unborn child?

    People complain about how expensive healthcare is, but that's because it takes a lot of hours of intelligent people to design and test these drugs. It's unfortunate that healthcare can be so expensive, but at least it's available.
     
  7. tjvh
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    tjvh Senior Member

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    Rich people. :lol:
     
  8. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    Glad your wife is okay, I sincerely hope everything goes well from here on out. Here's the deal in my view: if we want medical advances, new drugs and treatments, somebody's gotta pay for that. Either the taxpayers or the end users, because if we don't then a number of unattractive alternatives make themselves available to the big pharma companies.

    One, the range of areas of research and development gets narrowed. The companies will make financial decisions for which drugs and treatments to pursue based on expected profits rather than the expected good it might do. That already happens to some degree, I'm saying it'll get worse. So, 10 or 20 years from now a better drug won't be available because it was deemed not as cost effective or profitable to development and test.

    Two, drug companies may move their R&D offshore, say goodbye to some high paying jobs. That's what happens when taxes are too high, regs are too expensive to adhere to, or the gov't puts a price ceiling on what can be charged. So great, now you might be giving your wife a drug that was produced elsewhere, I bet that idea isn't very appealing.

    Look, I ain't real crazy about these big corps either, but you gotta face the realities. If you start messing with price controls, there's going to be consequences.
     
  9. atlasshrugged
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    atlasshrugged Member

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    It's true that someone has to pick up the tab. If its the buyer who has to pay more, then some useful drugs will not be produced because they aren't profitable. If its the taxpayers who pick up the bill, we will produce too many drugs that aren't very useful to us. There needs to be a fair balance. I just think that before we start demanding that chemical engineers take payouts after spending ten years designing and testing a revolutionary gift to mankind, we should ask ourselves whether we value our health more than our televisions and iPhones.

    I know it's a little outside the discussion, but I wish people were happier about how blessed we are to have food, homes, knowledge, and healthy lifespans.

    As for the possibility of outsourcing, we have to pick our poison. Either we keep jobs in America and pay higher prices, or we outsource some jobs but our prices and cost of living decrease.
     
  10. Wiseacre
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    Wiseacre Retired USAF Chief Supporting Member

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    I don't want to hijack this thread about supply side economics, but it seems to me we should be looking at every possible advantage we can give to our own entrepeneurs and business people to keep their costs down so their products and services can compete with the foreign stuff coming in. And we have to have some stability in the business environment, we can't have so much uncertainty about what's going to happen next year or the year after. If the situation doesn't change for the better, then any and every recovery will be shallow and short-lived, as we've seen the past 3 years.
     

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